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In today’s newsletter: 

• Davos 2024: PwC chief on India's key to AI success  
• How Mohit Joshi plans to revamp TechM  
• Namma Yatri rolls into Delhi via ONDC

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At the annual gathering of business honchos and global thinkers in the Swiss town of Davos, one phrase dominates the conversation: artificial intelligence. 

• The pressing question is: which countries and companies stand to benefit most from this new wave of technological advancement?

PwC Chairperson Bob Moritz told us in an interview that India is better positioned to capitalise on AI due to its extensive digital infrastructure. 

• Moritz emphasised that India has developed a 'tremendous amount' of digital infrastructure in financial services, healthcare systems, and education

As AI provides speed and scalability to its users, Moritz believes that the technology will contribute to boosting global confidence in India's future.

In a period marked by a slowdown in global economic growth and widespread concern among CEOs worldwide, a PwC survey reveals that 86% of Indian CEOs remain optimistic about the next 12 months.

"And if you look at over a three year period, 94 percent of them believe that they will continue to grow revenues. It is a bit paradoxical because, globally, most CEOs believe that their own businesses will grow slower,” said Sanjeev Krishnan, chairperson of PwC India.

More highlights from Davos:

• India needs to develop profitable semiconductor companies that can lead globally and sustain long-term chip investments without relying solely on government subsidies, emphasizes Chip War author Chris Miller. Find out more
  
  
• AI has become a focal point not only at the 2024 World Economic Forum (WEF) but also for many businesses aiming to undergo transformation to drive growth, according to Nigel Vaz, Global CEO of Publicis Sapient. He said that AI enables companies to achieve substantial growth with reduced costs. Find out more
  
  
• Microsoft CEO Satya Nadella expressed his desire for consistency and good governance at OpenAI, emphasising that he is unconcerned about the nonprofit structure and has no intention of exerting greater control over the AI research lab. P.S.: Nadella will be in conversation with WEF Executive Chairman Klaus Schwab at Davos later tonight.
  
  
• In 2024, there is a high probability that a substantial portion of the funds earmarked for the Asian market will be directed towards India, according to Manish Kejriwal, the Founder and Managing Partner of Kedaara Capital. Find out more
  
  
• Home furnishing brand IKEA is set to reduce prices in India by up to 20% on over 250 products, according to Juvencio Maeztu, Deputy CEO and CFO of Ingka Group, IKEA's parent company. Emphasizing their commitment to India, he highlighted the company's achievements in investments, gender equality, and local sourcing. He added that step number one has been achieved which is to prove that India loves IKEA and IKEA loves India. Find out more

Prefer video? Check out our daily Davos bulletin that brings you the top highlights from Day 2 of the World Economic Forum.

In his first media interview since taking over as CEO and MD at Tech Mahindra, Mohit Joshi said that there is no reason why the IT services major cannot become the best-performing organisation. 

• Joshi's comments come in the wake of Tech Mahindra's disappointing quarterly earnings performance for the second quarter ending September 30

As he takes charge, his primary focus areas will be:

• Developing a strategic revenue plan
  
  
• Implementing measures for margin improvement
  
  
• Rebuilding organisation at large

Joshi, an Infosys veteran who had led BFSI, healthcare, life sciences, and software business, aims to diversify Tech Mahindra’s portfolio of offerings. 

• Currently, nearly 40% of Tech Mahindra’s revenue comes from the telecom and communication, media and entertainment sectors

Regarding the slowdown in the overall IT industry, Joshi expressed optimism, expecting growth to rebound in the medium to long term. 

• With over 20 years of experience in the industry, he believes it is crucial to focus on the industry’s growth in the next 5-15 years

Watch the full interview

Global rival Accenture's CEO Julie Sweet, during a session at the World Economic Forum in Davos, said the company invests $1 billion every year to train its workforce on generative AI.

• Sweet said reskilling of talent is important, and it won’t be possible to implement it unless governments and companies think “very differently”

After fine-tuning its game in the South over the past year, Juspay-owned mobility platform Namma Yatri has gone live in the national capital via the Open Network for Digital Commerce (ONDC). 

• The platform has onboarded over 5,000 auto-rickshaw drivers in Delhi and has plans to facilitate metro rail bookings in the near future

As a challenger to the Uber-Ola duopoly in mobility, its claim to fame lies in its ability to both increase driver earnings and reduce prices for consumers.

• To achieve this, Namma Yatri has slashed operational costs by a staggering 96% — from Rs 219.5 per trip to a mere Rs 8.6 — in just one year

Instead of traditional commission structures, Namma Yatri offers drivers two flexible payment options: Rs 25 per day for unlimited ride bookings or Rs 3.5 per trip.

Namma Yatri said that drivers have earned Rs 330 crore on rides through the app over the past year. 

• It has onboarded over 1.7 lakh drivers and 40 lakh riders who have booked 20 million rides through the app as yet

Go deeper

As the land survey progresses for the ambitious 435-km Chennai-Bengaluru-Mysuru high-speed rail (HSR) project, connecting the automobile manufacturing hub Chennai, the tech and startup hub Bengaluru, and the cultural capital of Karnataka, Mysuru, there is anticipation of reduced commuting time.

• The project is expected to be a significant boost to industries, tech parks, and tourism

All eyes are now on the ongoing Mumbai-Ahmedabad HSR project, which is the only sanctioned project in the country, to see how it unfolds.

MC impact: Shortly after our report, Karnataka's Minister for Commerce & Industries and Infrastructure, MB Patil, extended support for an HSR corridor connecting Bengaluru and Mumbai

Find out more

• Microsoft has launched Copilot Pro, a paid version of its artificial intelligence assistant Copilot targeted at power users and creators. Priced at $20 per month, it will offer priority access to latest AI models, AI-powered features in office apps and improved AI image creation among others.

• OpenAI has unveiled plans to prevent abuse and provide transparency on AI-generated content ahead of 2024 elections across several countries.

Elton John, one of the world's most popular entertainers, achieved a rare feat today! He became an EGOT

What's that? An Emmy, a Grammy, an Oscar, and a Tony award winner. There are only 19 people in history who have achieved EGOT status until now. 

• The 76-year-old music legend landed an Emmy Award in the best variety special (live) category for “Elton John Live: Farewell from Dodger Stadium,” a three-hour concert documentary that streamed on Disney+

HBO's cult television show Succession swept the top prizes at the strike-hit award ceremony. FX's The Bear and Netflix's Beef were among the other big winners. 

AMC's critically lauded television show Better Call Saul also set a record of its own: Most number of Emmy losses. 

• It has scored 53 nominations during its six-year run but has never won an Emmy

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